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recently, many small and medium-sized banks, including xinjiang bank, nanning wuming lijiang rural bank, longde liupanshan rural bank, and yunnan shiping beiyin rural bank, announced a reduction in the listed interest rates for rmb deposits.

on september 18, xinjiang bank issued an announcement that it would adjust the rmb deposit interest rate from september 21. after the adjustment, the bank's one-year, two-year, three-year, and five-year individual deposit interest rates are 1.95%, 2.05%, 2.25%, and 2.25%, respectively, which are 30 basis points, 40 basis points, 35 basis points, and 35 basis points lower than before.this is also the second time that xinjiang bank has lowered its interest rate within half a year since it lowered its deposit interest rate on july 26. among them, the two-year time deposit interest rate has dropped by 50 basis points compared with the beginning of 2024.

image source: xinjiang bank official website

on september 19, yunnan shiping bank of beijing rural commercial bank issued the "announcement on adjusting rmb deposit interest rates".

the announcement stated that the bank will adjust the listed interest rates for rmb deposits from september 20, 2024. after the adjustment of the deposit interest rates, the bank's three-month, six-month, one-year, two-year, and three-year time deposit rates are 1.35%, 1.50%, 2.15%, 2.20%, and 2.80%, respectively.

image source: yunnan shiping bank of china rural bank official account

on september 19, longde liupanshan rural commercial bank issued an announcement stating that from september 21, 2024, the listed interest rate for demand deposits will be adjusted from 0.35% to 0.15%, and the listed interest rates for other maturities will not be adjusted.

image source: longde liupanshan village bank official wechat account

in the past six months, many banks have accelerated the frequency of reducing deposit interest rates. among them, nanning wuming lijiang rural bank’s interest rate reduction was implemented on the 21st, just one month after the bank last adjusted its deposit interest rate.

according to china securities journal,overall, the deposit interest rates of small and medium-sized banks are still at a relatively high level after the reductioncompared with the "1"-digit interest rates generally implemented by large state-owned banks and national joint-stock banks for medium- and long-term deposits, the three-year time deposit interest rates of some small and medium-sized banks can still reach around 2.8%.

daily economic news is compiled from china securities journal, xinjiangbank official website,yunnan shiping bank of beijing rural bank official public account,longde liupanshan village bank official wechat account

daily economic news